If you work in compliance, financial services or a regulated sector on the Isle of Man, you’ve likely heard the words “MONEYVAL is coming” more than once over the past few months.
And while the phrase might set off alarm bells for some, it doesn’t need to.
MONEYVAL’s 2026 assessment isn’t just a regulatory box-ticking exercise – it’s an opportunity for the Isle of Man to demonstrate how far we’ve come, how seriously we take our financial crime risks, and how collaborative our public-private approach can be.
But preparation is key.
This blog sets out what you need to know about MONEYVAL, what the Isle of Man has already done, what’s coming next, and what you can do now to be ready.
What Is MONEYVAL?
MONEYVAL is the Council of Europe’s anti-money laundering and counter-terrorist financing (AML/CFT) watchdog. Its mission is to assess how well countries comply with international AML/CFT standards, particularly those set by the Financial Action Task Force (FATF).
The Isle of Man’s last MONEYVAL assessment was in 2016. The next onsite visit is scheduled for October 2026, and preparations are already well underway.
What’s Already Happening Behind the Scenes?
Over the past 18 months, the Isle of Man has made significant progress to strengthen its AML/CFT framework. This includes:
- A comprehensive update to the National Risk Assessments (NRAs), offering the most detailed picture yet of the Island’s exposure to financial crime.
- Policy work on beneficial ownership, Companies Registry updates and criminal justice reforms.
- Enhanced national coordination, with the formation of a dedicated MONEYVAL Preparation Group.
- Plans to launch a coordinated communication effort under the “Countering Financial Crime – An All-Island Approach” strategy.
These efforts are all designed to align public and private sector efforts – and will ramp up through 2025 and 2026.
What Can We Learn from Jersey?
Jersey’s recent MONEYVAL evaluation was a global success story – it received the highest rating of any international finance centre in the last round.
What made the difference?
- Cross-sector alignment
- Clear, regular communication
- A long-term strategy, not a last-minute panic
- Industry-wide engagement with risk and compliance culture
Jersey proved that smaller jurisdictions can excel — if they prepare early and consistently.
What Should Isle of Man Firms Be Doing Now?
Here’s a checklist to help your firm stay ahead of the curve and reduce the stress later on.
Your MONEYVAL Readiness Checklist
1. Know the National Risk Assessment
- Why it matters: The NRA will guide regulatory expectations and define high-risk areas.
- Action: Read it carefully when published (expected in 2025). Circulate internally. Align your own business risk assessment and customer risk assessments accordingly.
2. Strengthen Your Documentation
- Why it matters: MONEYVAL evaluates effectiveness. You can’t prove effectiveness without documentation.
- Action: Review your CRA frameworks, AML manuals, policies, procedures and records. Are they consistent, up-to-date and in line with the latest IOMFSA guidance?
3. Prepare for Potential Engagement
- Why it matters: Some firms will be selected for interview by the MONEYVAL team. You might not have much notice.
- Action: Brief your senior management. Make sure key people can articulate your AML/CFT approach, risk understanding, and real-world effectiveness.
4. Monitor Regulatory Updates
- Why it matters: Guidance, legislation and expectations will evolve quickly across 2025 to 2026.
- Action: Assign someone to track IOMFSA updates, attend relevant webinars, and filter essential info to the wider team.
5. Foster a Culture of Compliance
- Why it matters: A good compliance culture goes beyond paper. MONEYVAL assessors are skilled at detecting “form over substance.”
- Action: Make financial crime awareness a regular agenda item – from the boardroom to the front line.
Common Pitfalls to Avoid
- Thinking this is only about ticking boxes. It’s about demonstrating understanding and real-world action.
- Relying on your 2016 playbook. The standards and expectations have evolved.
- Ignoring your sector-specific risks. E-gaming and cross-border finance are high on MONEYVAL’s radar.
This Is a Team Effort
The MONEYVAL process is not just for government agencies or regulators. It’s a public-private partnership. The better informed and better aligned we are across the Island, the better the outcome will be for everyone.
As the evaluation draws closer, staying calm, proactive, and informed will be your biggest advantage.
Want Help Getting Ready?
We’re already working with clients across sectors to review documentation, update risk assessments, and implement effective AML/CFT controls that stand up to scrutiny.
If you’d like to book a readiness session or a compliance health check tailored to your firm contact us today.
